XAUUSD (Gold) will move below $3,000 with very strong bearish momentum. You cannot say that you were not warned. It will continue lower to hit a target around $2,750 after $3,000 fails as support.
After the $2,750 target hits, I will look again at the chart and see what it has to say. Below $3,000 is ultra high probability, guaranteed basically. $2,750 is also very high probability that it will hit.
Will it continue lower? At this point it is hard to tell because I don't know Gold's long-term dynamics in a correction, but it isn't looking pretty. If current geopolitical conditions is what's making Gold bearish, then XAUUSD is set for a long-term bear market because everything will continue in the same vein.
That is only if that's the reason why Gold is bearish.
» Looking at the monthly chart, it is a disaster. Gold is set to move below $2,000 in the coming months.
Do you agree?
Disagree?
Leave a comment.
Thank you for reading.
(Remember to follow, and boost...)
Namaste.
After the $2,750 target hits, I will look again at the chart and see what it has to say. Below $3,000 is ultra high probability, guaranteed basically. $2,750 is also very high probability that it will hit.
Will it continue lower? At this point it is hard to tell because I don't know Gold's long-term dynamics in a correction, but it isn't looking pretty. If current geopolitical conditions is what's making Gold bearish, then XAUUSD is set for a long-term bear market because everything will continue in the same vein.
That is only if that's the reason why Gold is bearish.
» Looking at the monthly chart, it is a disaster. Gold is set to move below $2,000 in the coming months.
Do you agree?
Disagree?
Leave a comment.
Thank you for reading.
(Remember to follow, and boost...)
Namaste.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.